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Ryan Bridge: What the OCR says about the state of our economy
Remember just a few weeks ago how Sir John Key wanted 100 point cut from Reserve Bank?
We'll, they've almost given him what he wants.
It's easy to be an armchair critic of the boffins down at Number 2 The Terrace - "They should have gone for 50." "Club 25 was too cautious."
But markets listen as much to the guff after the big cut announcement as much as they do the actual announcement. Need proof? Already retail banks have started slashing mortgage rates, both variable and fixed.
That's on top of the cuts they already made last week, pricing in yesterday's 25.
Some of the big ones will, in…
The skinny
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